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Jan 18, 2013
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our steve liesman with the story. steve, this took you by surprise, huh? >> reporter: there were some really interesting comments on there, the release of the fed transcript five years afterwards, and what's clear from the monumental meetings of the fed in 2007 is we know now if we didn't already that jim cramer was right. the fed really did have no idea how bad it was out there. listen to this. >> bernanke is being an academic. he has no idea. >> cramer. >> i've talked to the heads of almost every single one of these firms in the last 72 hours and he has no idea what it's like out there, none! sunshine credibly four days after it was apparent to cramer what was going on, bill dudley, the head of the new york's operations desk said at a meeting, quote, we've done quite a bit of work trying to identify some of the funding questions surrounding bear stearns, countrywide and there's been some strain but looks like there's nothing imminent in those areas. to be fair, dudley would eventually become a leading advocate of extraordinary fed policies. both of those
our steve liesman with the story. steve, this took you by surprise, huh? >> reporter: there were some really interesting comments on there, the release of the fed transcript five years afterwards, and what's clear from the monumental meetings of the fed in 2007 is we know now if we didn't already that jim cramer was right. the fed really did have no idea how bad it was out there. listen to this. >> bernanke is being an academic. he has no idea. >> cramer. >> i've talked...
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Jan 16, 2013
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you could operate a business. >> you know, steve, i have a question to you. i know it's basically fed policy under ben, under chairman greenspan not to wade into the actual mode to solve these issues, but isn't it a bit disingenuous of the fed to talk about all this uncertainty without making any comments as to hey, you guys, you need to deal with the debt. you need to deal -- >> but, they are. bernanke makes that comment a lot. he has said. >> says it all the time. >> more a solution. like telling them how to go about it. >> that's the problem the fed is in, at least bernanke has put himself in this position. he does not want to tell congress and the administration how to solve the problem. he just says you have to put it on a sustainable path. >> isn't he part of it? can't -- none of this really could have occurred if our servicing the debt was $800 billion a year and interest rates were a couple hundred basis points higher, so doesn't he have a responsibility? >> bernanke answer that had question, and he said, you know what? what would be better, that you
you could operate a business. >> you know, steve, i have a question to you. i know it's basically fed policy under ben, under chairman greenspan not to wade into the actual mode to solve these issues, but isn't it a bit disingenuous of the fed to talk about all this uncertainty without making any comments as to hey, you guys, you need to deal with the debt. you need to deal -- >> but, they are. bernanke makes that comment a lot. he has said. >> says it all the time. >>...
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Jan 18, 2013
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steve also. >> hey, bill. >> i'm sure you heard steve go through some of those and you heard steve's characterization. here is the times. they're going through these as we speak right now. they call it a sign of an institution finally lurking into action. is that how you recall it? >> no. i don't think that characterization is fair or accurate. what we did not know but i don't think many others did either, what we did not know is that there were so many banks that had a large, huge portfolios of sub prime paper, long-term, long maturity, sub prime, financed with very short-term commercial paper, a few weeks, and practically no capital. we should have understood that better and we didn't. >> august meeting. you are the first to push for a discount rate cut and liquidity measure. some people calling you prescient today. what were you thinking at the time and how difficult was it to get others to think that way with you? >> well, as i remember, the -- i think the august meeting you have in front of you, i think it was august 7 is what i remember. >> yes. >> that was just before the mark
steve also. >> hey, bill. >> i'm sure you heard steve go through some of those and you heard steve's characterization. here is the times. they're going through these as we speak right now. they call it a sign of an institution finally lurking into action. is that how you recall it? >> no. i don't think that characterization is fair or accurate. what we did not know but i don't think many others did either, what we did not know is that there were so many banks that had a large,...
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Jan 15, 2013
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that's in the books. >> steve liesman, thank you. facebook's big reveal is about two hours away and the rumors, of course, are flying. could it be a search engine? a phone? we are live at facebook headquarters in menlo park with the latest. then, jean sperling is here with the debt ceiling debate. what that means for the economy as the house prepares to vote on a package for hurricane sandy victims. one republican congressman says we need to consider big budget cuts to pay for that. congressm congressman mick mulvanel will tell us about his big plans. first, we'll talk about facebook. julia boorstin is live with the latest on that. good morning. >> good mormg. i expect 120 reporters and bloggers to be here, to be facebook's big mystery announcement. the social network has done a great job. face book hasn't leaked a thing. i expect mark zuckerberg to unveil a new product, something to improve users''s experience rather than a back-end change. consider the priority that zuckerberg and sandberg are making, i don't think the announcement
that's in the books. >> steve liesman, thank you. facebook's big reveal is about two hours away and the rumors, of course, are flying. could it be a search engine? a phone? we are live at facebook headquarters in menlo park with the latest. then, jean sperling is here with the debt ceiling debate. what that means for the economy as the house prepares to vote on a package for hurricane sandy victims. one republican congressman says we need to consider big budget cuts to pay for that....
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Jan 16, 2013
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steve liesman is in studio. steve, one thing on the daily news, charlie sheen is going to be a grabbndfather. isn't he 47? >> anthony weiner. anthony weiner still spending money out of his campaign account. >> that's legal, right, in the state of new york? >> it is, lawyers and fees. >> among other things. if i see an article about anthony weiner, i read it because of the bell. >> joe is stalling for time. we have 31 seconds. >> i could have asked you a question. i'm saving viewers from one of your answers to a question. i'm kidding. what are we looking for in the cp cpi. >> i will tell michele. i'm note talking to you, joe. it's supposed to be unchanged, food and energy, inflation for the miami is not the problem, if it's the problem now. >> because we're winning! ric rick. >> here we go. survey says unchanged on headline, just as steve pointed out, as expected. strip out the all important food and energy, we're up .1, we look at year-over-year, headline up 1.7, a tenth lighter than last year expectations of 1.
steve liesman is in studio. steve, one thing on the daily news, charlie sheen is going to be a grabbndfather. isn't he 47? >> anthony weiner. anthony weiner still spending money out of his campaign account. >> that's legal, right, in the state of new york? >> it is, lawyers and fees. >> among other things. if i see an article about anthony weiner, i read it because of the bell. >> joe is stalling for time. we have 31 seconds. >> i could have asked you a...
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Jan 15, 2013
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steve, john, rick. we'll talk to you all again soon. >> thanks. >> coming up, the adp provides payroll for one in six americans. ceo carlos rodriguez is making his way to the "squawk" set. we're going to ask him how the company handled the expiration of the payroll tax cut when we return. you are a business pro. executor of efficiency. you can spot an amateur from a mile away... while going shoeless and metal-free in seconds. and you...rent from national. because only national lets you choose any car in the aisle...and go. you can even take a full-size or above, and still pay the mid-size price. now this...will work. [ male announcer ] just like you, business pro. just like you. go national. go like a pro. >>> welcome back to "squawk" this morning. americans are opening their paychecks this month to find a little bit less money in there due to the increased payroll tax. joining us is adp ceo carlos rodriguez. adp processes payrolls for one in six u.s. workers providing services to 80% of the fortune 500
steve, john, rick. we'll talk to you all again soon. >> thanks. >> coming up, the adp provides payroll for one in six americans. ceo carlos rodriguez is making his way to the "squawk" set. we're going to ask him how the company handled the expiration of the payroll tax cut when we return. you are a business pro. executor of efficiency. you can spot an amateur from a mile away... while going shoeless and metal-free in seconds. and you...rent from national. because only...
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Jan 23, 2013
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steve cohen, amid this big investigation on insider trading is in davos. a number of people have seen him walking around saying hello to people. i don't know if he's talking about the investigation. at a time you might think he would hide, he is out and about. a lot of people talking about who is not here almost sometimes as important as who is on the list. among those who are not coming this year, some big questions about what this means, what it says about davos. the whole google contingent, they used to throw a huge party friday nights the past several years, they opted out completely. what does that mean? bill clinton a regular is not here. and jim bryan and while we're on the air j. they're interviewing derek jeter of all things. i don't know if you can think of derek jeter as a guy at davos. they did lunch together and tina brown tweeting up a storm was actually about lance armstrong. derek said he should have admitted his mistake and moved on but that he fooled everyone, including me, i know, joe, you weren't that fooled. that's what's been going on
steve cohen, amid this big investigation on insider trading is in davos. a number of people have seen him walking around saying hello to people. i don't know if he's talking about the investigation. at a time you might think he would hide, he is out and about. a lot of people talking about who is not here almost sometimes as important as who is on the list. among those who are not coming this year, some big questions about what this means, what it says about davos. the whole google contingent,...
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Jan 23, 2013
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we've also got the survey that steve leesman came up with, the phrase i like, precarious stability. this is the first time, as he puts it, that we're meeting in davos without an imminent crisis upon us. we know the impact of the ecb's otr suggestions. we know the money that other central banks are putting in. we're through the u.s. elections, ahead of the debt ceiling debate. in some sense there isn't an immediate crisis. it's a question now whether ceos can get through the real economic fundamentals. in some ways we're betwiked and between, kelly. >> i like the scarf, ross. >> yeah. that's the point. look, there's plenty to come on our coverage today. let me recap some of the people we're going to be talking to. john lipinski, formerly of the imf. and hamish tyrwhitt, construction group out of australia. we saw rates dip a little today. suggesting there's room to cut rates. and the executive dean of peking university. we're more relaxed about china, more relaxed than three or four months ago. we'll get the inside there. all of that is coming up on today's "worldwide exchange." how
we've also got the survey that steve leesman came up with, the phrase i like, precarious stability. this is the first time, as he puts it, that we're meeting in davos without an imminent crisis upon us. we know the impact of the ecb's otr suggestions. we know the money that other central banks are putting in. we're through the u.s. elections, ahead of the debt ceiling debate. in some sense there isn't an immediate crisis. it's a question now whether ceos can get through the real economic...